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Doug Naidus (born December 30, 1965) is an American businessman who is the founder and chief executive officer of World Business Lenders, LLC.
Naidus founded IPI Skyscraper, a mortgage brokerage company, in 1988. Under his leadership, IPI Skyscraper transformed from a start-up to one of the largest mortgage brokers in the United States. [1] In 1999, Naidus founded MortgageIT, a nationwide real estate investment trust and residential mortgage lending company, where he served as chairman and chief executive officer. The company, which funded $33 billion in residential mortgage loans, was listed publicly on the New York Stock Exchange in 2004 before being acquired by Deutsche Bank in 2007. [2]
Naidus held the position of Managing Director and Global Head of Residential Lending and Trading at Deutsche Bank from 2007 to 2011. [3]
In 2011, Naidus founded and currently serves as chairman and chief executive officer of World Business Lenders, which has been described as a predatory lender. [4] [5] [6]
In a Bloomberg article published on May 27, 2014, Naidus refused to comment when asked about predatory lending practices at World Business Lenders. See https://www.fa-mag.com/news/what-some-of-wall-street-s-banned-brokers-are-doing-now-18091.html?print.
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations. Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac.
Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of the United States GDP, a proportion greater than any other single mortgage lender.
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, however, the role of the mortgage broker has become more popular. In many developed mortgage markets today,, mortgage brokers are the largest sellers of mortgage products for lenders. Mortgage brokers exist to find a bank or a direct lender that will be willing to make a specific loan an individual is seeking. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. In the US, many mortgage brokers are regulated by their state and by the CFPB to assure compliance with banking and finance laws in the jurisdiction of the consumer. The extent of the regulation depends on the jurisdiction.
Arlington Asset Investment Corp. is a mortgage real estate investment trust headquartered in McLean, Virginia.
Butterfield, officially The Bank of N. T. Butterfield & Son Limited, is a bank founded and based in Bermuda. It provides services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where its principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where it offers specialized financial services. Banking services comprise deposit, cash management and lending for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, Butterfield offers both banking and wealth management. In The Bahamas, Singapore and Switzerland, Butterfield offers select wealth management services. In the UK, Butterfield offers residential property lending. In Jersey, it offers banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange.
Angelo Robert Mozilo was an American banker who was chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008. The company's status as a major lender of subprime mortgages made it a central player in a subsequent mortgage crisis which collapsed the industry, bursting a housing bubble which had accumulated throughout the 2000s, and contributing heavily to the Great Recession. Mozilo later paid over $67 million in fines to settle a series of federal charges related to his conduct at the company.
MortgageIT formerly MIT Lending is a residential mortgage banking company that was founded in 1988 and is headquartered in New York City. By 2004, the company had become one of the top mortgage lenders in the nation. Also, in 2004, MortgageIT became a wholly owned subsidiary of MortgageIT Holdings, a self-administered REIT trading on the NYSE. As a full-service residential mortgage banking company, MortgageIT’s primary business operations are to originate, sell and broker residential mortgage loans in 50 states and the District of Columbia. Also, MortgageIT is an approved U.S. Department of Housing and Urban Development (HUD) delegated mortgagee. At the end of January 3, 2007 the company employed 2,100 and had 47 branches throughout the United States. The settlement, title and related services for mortgage loans were provided by Home Closer LLC, a subsidiary of MortgageIT.
Prospect Mortgage was a residential retail mortgage lender that offered a range of home loans. The company was founded in 2007 and was headquartered in Sherman Oaks, California with retail offices across the United States. The company was backed by the private equity firm, Sullivan Partners. In 2011, Prospect Mortgage was ranked number 2 on Mortgage Executive Magazine's list of the Top 100 Mortgage Companies in America and was a top 10 national home purchase lender in 2012.
The U.S. subprime mortgage crisis was a set of events and conditions that led to a financial crisis and subsequent recession that began in 2007. It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.
Hilltop Holdings Inc. is a financial holding company based in Dallas, Texas. It offers financial products and banking services through three primary subsidiaries: PlainsCapital Bank, PrimeLending, and HilltopSecurities.
Fair Mortgage Collaborative (FMC) is a non-profit organization created by the Ford Foundation and the Heron Foundation in 2009 to combat the abusive practices of predatory lending in the US home mortgage world. The company's main objective is to help consumers avoid predatory lenders and brokers, and enable them to obtain safe, fairly priced loans.
Broadway Federal Bank was a community focused bank founded in 1946 and based in Los Angeles. As of 2020, it had three traditional branches and one loan production office.
The 2007–2008 financial crisis, or Global Financial Crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive greed and risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession.
SoFi Technologies, Inc. is an American online personal finance company and online bank. Based in San Francisco, SoFi provides financial products including student loan refinancing, mortgages, personal loans, credit card, investing, and banking through both mobile app and desktop interfaces.
PennyMac Financial Services, Inc. is an American residential mortgage company headquartered in Westlake Village, California. The company's business focuses on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac operates through two subsidiaries: PennyMac Loan Services, LLC and PNMAC Capital Management, LLC. The latter manages the PennyMac Mortgage Investment Trust, a mortgage REIT.
Cambridge & Counties Bank is a bank based and operating in the United Kingdom specialising in property finance, asset finance, classic, vintage, sports car finance and savings accounts for small to medium enterprises (SMEs).
First National Financial Corporation is the parent company of First National Financial LP, a Canadian private lending institution based in Toronto, Ontario. First National is among the top three in market share in the mortgage broker distribution channel.
The U.S. Russia Investment Fund (TUSRIF) was an investment fund from 1995 to 2008. It was established by the United States government to make private investments in the Russian economy. By 2005, it had invested $300 million in 44 Russian companies. James Cook, Managing Director, founded and developered two of the leading companies DeltaBank, the first bank to sell credit cards in Russia, and DeltaCredit, the first bank to sell residential mortgages in Russia. TUSRIF was replaced by the U.S. Russia Foundation (USRF) in 2008, while its financial arm, Delta Private Equity Partners, was purchased by Deutsche Bank in 2009.
World Business Lenders, LLC is an American financial company headquartered in Jersey City, New Jersey with locations in Georgia, California, Connecticut, Florida and Texas. It is a bank service provider and a private direct lender specializing in short-term loans to small and medium-sized businesses. It has been described as a predatory lender.
The Dodd–Frank Wall Street Reform and Consumer Protection Act was created as a response to the financial crisis in 2007. Passed in 2010, the act contains a great number of provisions, taking over 848 pages. It targets the sectors of the financial system that were believed to be responsible for the financial crisis, including banks, mortgage lenders, and credit rating agencies. Ostensibly aimed at reducing the instability that led to the crash, the act has the power to force these institutions to reduce their risk and increase their reserve capital.
